UPDATE: Wunderlich Securities Reiterates Hold Rating, Raises PT on EOG Resources on New Wolfcamp Discovery
In a report published Friday, Wunderlich Securities reiterated its Hold rating on EOG Resources (NYSE: EOG), and raised its price target from $132.00 to $135.00.
Wunderlich Securities noted, “EOG Resources (EOG) ended 2012 with 1.8 billion boe of proved reserves with a liquid mix of 56%. While EOG incurred significant financial and natural gas writedowns in 2012 and downsized its Canadian presence, we believe the company is off to a good start in 2013, focusing on its oily assets in the U.S. The company plans to spend $7-$7.2 billion and grow production by 4%, with oil growing at 28%, liquids at 23%, and gas shrinking by 15%. Most of the spending will be allocated to the Bakken and the Eagle Ford, the two best oil plays.”
EOG Resources closed on Thursday at $133.33.
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Tags: Wunderlich Securities